So, you’ve outgrown your current space. Maybe you’re a parent raising a growing family, an individual finally ready to take the plunge from apartment living to being a homeowner, or anything in between. Whatever the case may be, you’ll want to plan your move to make this transition as stress-free as possible. It’s important to consider what kind of housing you’re looking to move into, as searching for a house will be a different process than searching for a larger apartment. Read on to learn more about what you should consider when looking to upsize.
Explore Your Housing Options
If you’re someone looking to upsize to a larger apartment, you’ll want to consider location, size, amenities, and probably most importantly, the cost. You’ll likely be paying more than what you did for your old apartment unless you’ve decided to split the cost with a roommate or significant other.
If you’re in search of a new house, this will require a bit more preparation. Like an apartment, similar factors should be taken into account. However, you’ll need to take a look at your finances to determine how much house you can afford. Your outstanding debt, income, and credit are all factors that will be closely examined to determine how much money you’ll be able to borrow to purchase your home.
Once you understand your borrowing power, you can begin to look at houses that fit your budget and needs. Do you want two bedrooms, or maybe three or four? How many full-size and half bathrooms do you prefer? If you’re a work-from-home employee, an extra bedroom is a perfect place to set up a brand new home office. Or if you want to focus on exercise, a spare room can easily be turned into an at-home gym or workout space. If you’re a parent or soon-to-be parent, you’ll likely need extra rooms for kids, whether it be bedrooms or play areas.
As one of the most important steps, it’s critical to ensure that your finances and credit score are in top shape when tackling a new apartment or house. This can determine your approval for a larger apartment or how much money you can borrow for a house. For either scenario, it’s a good idea to pay off as much debt as possible to help boost your credit. It may also be beneficial to pay off large financed purchases such as a car before taking on the financial burden of a house. That way, you’re not paying for too much at once.
Budgeting is a great way to explore the financial aspects of your lifestyle to save money. By using some cost cutting tips where you can, you put yourself in a better position to meet your goals. Get rid of any unnecessary expenses like extra subscription services and frequent takeout. If you pay for a gym membership, consider working out at home (especially if you’ll soon have the extra space!), and try more affordable options when grocery shopping or buying items such as clothes, furniture, technology, etc.
Depending on your situation, you’re likely looking at ending an apartment lease or selling your current house. Leases can often have early termination fees, so it may be easier to try and move out once your lease is up for renewal or to find another tenant to take over your lease. Your landlord should also be able to help with this!
Now, selling your home is a whole different process, so you’ll want to find a real estate agent to guide you through the rest of the selling process. This is often lengthy, as it’s common to fix up the house to gain maximum value when selling. If this is an option you want to pursue before selling, you’ll need to determine what needs to be upgraded. You may also want to get an inspection to ensure that your home is compliant and ready to sell.
Whatever stage you may be in, there’s a lot of preparation involved in moving to a larger place. This is also a larger financial burden, so ensuring that you have the means to continuously afford this is crucial. By maintaining your credit score, budgeting to save up, and paying off as much debt as possible, you will make the process of upsizing a bit easier. Visit our website to see how Move-tastic can help you upsize!